Redwood Relaunches Two Mutual Funds
June 11, 2015
TORONTO, ONTARIO–(Marketwired – May 26, 2015) – Redwood Asset Management Inc. (“Redwood”), a Toronto-based investment fund manager offering unique investment solutions managed by boutique investment managers to Canadians, is pleased to announce the following changes to the Redwood Diversified Income Fund and Redwood Diversified Equity Fund.
Redwood Floating Rate Preferred Fund (Formerly Redwood Diversified Income Fund):
In an effort to continue offering leading edge, unique investment products, Redwood announces changes, effective on or about May 26, 2015, to the name, portfolio manager, investment strategies and risk rating of the Redwood Diversified Income Fund. The name of the Fund will be changed to Redwood Floating Rate Preferred Fund, the Portfolio Advisor will change from LDIC Inc. to Redwood and the performance fee will be eliminated. Its strategies will include a focus on investments in floating rate preferred shares from investment grade Canadian issuers. The fund may also invest in the preferred and common shares of other Canadian and foreign issuers. There will be no changes to the investment objectives. The fund will provide investors with exposure to tax-efficient income paid generally in reference to the Government of Canada T-Bills or the Canadian Prime Rate. Based on the changes to the strategies of the fund, the risk rating will change from ‘medium to high’ to ‘low to medium’.
“As investors seek opportunities to immunize their portfolios against the risk of rising rates, we believe that the Canadian preferred share market provides an attractive alternative for those seeking tax efficient income,” said Peter Shippen, President of Redwood.
“We believe there is an opportunity for both growing yields and capital appreciation in the preferred share market and we are excited to offer this solution to advisors and their clients,” says Steve Vannatta, Portfolio Manager, a recent addition to the Redwood team.
Redwood Diversified Equity Fund:
Effective on or about May 26, 2015, the portfolio advisor to the Redwood Diversified Equity Fund will change from LDIC Inc. to Redwood. The Redwood Diversified Equity Fund will continue to focus on investing in Canadian and US equities across the market capitalization spectrum. There is no change to the fund’s investment objectives.
New Portfolio Manager:
Steve Vannatta, CFA, has joined Redwood to take over the management of these two mandates. Steve joins from Aston Hill Financial, an asset management firm with a specialty in income and equity mandates, where he was a portfolio manager with responsibilities which included infrastructure, energy and resources.
“We are thrilled to have Steve join the team at Redwood, and look forward to his contributions to the list of unique mandates managed at Redwood,” said Shippen.
Steve is a CFA charterholder with 10 years of industry experience. He will have primary responsibility for the Redwood Floating Rate Preferred Fund and the Redwood Diversified Equity Fund, and will assist the Redwood investment team in the portfolio management of Redwood Pension Class.
Unique and Boutique mandates guided by Unconstrained Thinking.